The Chair of the committee, Mr Tim Wilson MP, stated that ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account.’

Mr Wilson said ‘the committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.’

‘Given the widespread misconduct across the financial services sector identified by the Hayne Royal Commission, it is important that financial institutions are held accountable and to ensure that they make the crucial improvements needed to start restoring trust in our financial institutions,’ said Mr Wilson.

Beyond actions taken by the sector, Treasurer Frydenberg released a royal commission implementation road map today, which outlines how the Morrison Government will move on all recommendations requiring legislation by the end of 2020 – with one-third planned to be finalised this year.

In a future series of hearings the committee will extend its scrutiny beyond the four major banks to smaller banks and the insurance, superannuation and financial advice sectors.